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Mesoblast Limited (MESO) 10-Year Financial Performance & Capital Metrics

MESO • • Industrial / General
HealthcareBiotechnologyPlatform & Technology CompaniesDiagnostics & Immune Monitoring
AboutMesoblast Limited, a biopharmaceutical company, develops and commercializes allogeneic cellular medicines in the United States, Australia, Singapore, the United Kingdom, and Switzerland. The company offers products in the areas of cardiovascular, spine orthopedic disorder, oncology, hematology, and immune-mediated and inflammatory diseases. Its proprietary regenerative medicine technology platform is based on specialized cells known as mesenchymal lineage cells. The company's products under the Phase III clinical trials include remestemcel-L for the treatment of steroid refractory acute graft versus host disease, as well as acute respiratory distress syndrome due to COVID-19 infection; Rexlemestrocel-L to treat advanced chronic heart failure; and MPC-06-ID for chronic low back pain due to degenerative disc disease. It is also developing MPC-300-IV for the treatment of biologic refractory rheumatoid arthritis diabetic nephropathy. The company has strategic partnerships with Tasly Pharmaceutical Group to offer MPC-150-IM for heart failure and MPC-25-IC for heart attacks in China; JCR Pharmaceuticals Co. Ltd. for the treatment of wound healing in patients with epidermolysis bullosa; and Grünenthal to develops and commercializes cell therapy for the treatment of chronic low back pain. Mesoblast Limited was incorporated in 2004 and is headquartered in Melbourne, Australia.Show more
  • Revenue $17M +191.4%
  • EBITDA -$56M +31.9%
  • Net Income -$102M -16.1%
  • EPS (Diluted) -0.84 +5.6%
  • Gross Margin 70.17% +111.8%
  • EBITDA Margin -325.87% +76.6%
  • Operating Margin -363.08% +74.5%
  • Net Margin -593.92% +60.1%
  • ROE -18.95% -5.8%
  • ROIC -8.51% +26.9%
  • Debt/Equity 0.21 -13.4%
  • Interest Coverage -2.72 +33.1%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Momentum leader: RS Rating 86 (top 14%)

✗Weaknesses

  • ✗Negative free cash flow
  • ✗Low quality earnings: Net income not backed by cash flow
  • ✗Sales declining 11.8% over 5 years
  • ✗Shares diluted 22.4% in last year
  • ✗Low asset turnover indicates capital-intensive operations

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-3.18%
5Y-11.76%
3Y18.98%
TTM-24.06%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM-41.46%

EPS CAGR

10Y-
5Y-
3Y-
TTM-6.98%

ROCE

10Y Avg-12.2%
5Y Avg-12.87%
3Y Avg-11.57%
Latest-9.77%

Peer Comparison

Diagnostics & Immune Monitoring
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Profit & Loss

Jun 2016Jun 2017Jun 2018Jun 2019Jun 2020Jun 2021Jun 2022Jun 2023Jun 2024Jun 2025
Sales/Revenue+42.55M2.41M17.34M16.72M32.16M7.46M10.21M7.5M5.9M17.2M
Revenue Growth %0.79%-0.94%6.19%-0.04%0.92%-0.77%0.37%-0.27%-0.21%1.91%
Cost of Goods Sold+29.76M12.06M5.51M75.17M81.5M85.73M63.57M54.92M41.07M5.13M
COGS % of Revenue0.7%5%0.32%4.5%2.53%11.5%6.23%7.32%6.96%0.3%
Gross Profit+12.79M-9.65M11.83M-58.45M-49.34M-78.28M-53.36M-47.42M-35.17M12.07M
Gross Margin %0.3%-4%0.68%-3.5%-1.53%-10.5%-5.23%-6.32%-5.96%0.7%
Gross Profit Growth %366.29%-1.76%2.23%-5.94%0.16%-0.59%0.32%0.11%0.26%1.34%
Operating Expenses+98.44M92.5M92.03M97.88M107.56M115.06M90.78M76.79M48.98M74.51M
OpEx % of Revenue2.31%38.35%5.31%5.85%3.34%15.43%8.89%10.24%8.3%4.33%
Selling, General & Admin52.26M35.07M27.41M36.98M50.92M63.59M57.97M53.11M23.63M39.31M
SG&A % of Revenue1.23%14.54%1.58%2.21%1.58%8.53%5.68%7.08%4%2.29%
Research & Development50.01M58.91M65.93M59.81M56.19M53.01M32.81M27.19M25.35M34.81M
R&D % of Revenue1.18%24.43%3.8%3.58%1.75%7.11%3.21%3.62%4.3%2.02%
Other Operating Expenses25.92M10.53M-1.31M15.48M25.23M32.65M30.76M00395K
Operating Income+-55.89M-90.04M-77.34M-80.2M-74.87M-109.1M-80.57M-69.29M-84.15M-62.44M
Operating Margin %-1.31%-37.33%-4.46%-4.8%-2.33%-14.63%-7.89%-9.24%-14.26%-3.63%
Operating Income Growth %0.51%-0.61%0.14%-0.04%0.07%-0.46%0.26%0.14%-0.21%0.26%
EBITDA+-53.7M-86.98M-74.69M-78.06M-71.2M-104.83M-76.19M-65.18M-82.25M-56.04M
EBITDA Margin %-1.26%-36.06%-4.31%-4.67%-2.21%-14.06%-7.46%-8.69%-13.94%-3.26%
EBITDA Growth %0.52%-0.62%0.14%-0.05%0.09%-0.47%0.27%0.14%-0.26%0.32%
D&A (Non-Cash Add-back)2.19M3.06M2.65M2.14M3.67M4.26M4.38M4.11M1.9M6.4M
EBIT-90.82M-90.22M-64.15M-86.67M-72.64M-88.92M-74.3M-62.66M-57.97M-80.06M
Net Interest Income+1.08M468K-1.46M-10.98M-14.17M-10.71M-17.29M-18.61M-18.83M-19.38M
Interest Income1.08M468K366K719K542K00831K1.82M3.55M
Interest Expense001.83M11.7M14.72M10.71M17.29M19.44M20.66M22.93M
Other Income/Expense-34.93M-173K9.24M-18.34M-12.48M9.47M-10.48M-12.81M-4M-39.37M
Pretax Income+-90.82M-90.22M-65.98M-98.75M-87.36M-99.63M-91.59M-82.1M-88.15M-101.81M
Pretax Margin %-2.13%-37.4%-3.8%-5.91%-2.72%-13.36%-8.97%-10.95%-14.94%-5.92%
Income Tax+-86.69M-13.4M-30.69M-8.96M-9.41M-819K-239K-212K-191K330K
Effective Tax Rate %0.05%0.85%0.53%0.91%0.89%0.99%1%1%1%1%
Net Income+-4.13M-76.81M-35.29M-89.8M-77.94M-98.81M-91.35M-81.89M-87.96M-102.14M
Net Margin %-0.1%-31.85%-2.04%-5.37%-2.42%-13.25%-8.95%-10.92%-14.9%-5.94%
Net Income Growth %0.97%-17.61%0.54%-1.54%0.13%-0.27%0.08%0.1%-0.07%-0.16%
Net Income (Continuing)-4.13M-76.81M-35.29M-89.8M-77.94M-98.81M-91.35M-81.89M-87.96M-102.14M
Discontinued Operations0000000000
Minority Interest0000000000
EPS (Diluted)+-0.08-1.40-0.76-1.80-1.50-1.60-1.30-0.98-0.89-0.84
EPS Growth %0.96%-17.18%0.46%-1.37%0.17%-0.07%0.19%0.25%0.09%0.06%
EPS (Basic)-0.08-1.40-0.76-1.80-1.50-1.60-1.30-0.98-0.89-0.84
Diluted Shares Outstanding53.77M53.77M46.57M49.44M52.88M60.51M68.29M83.93M98.67M120.78M
Basic Shares Outstanding53.77M53.77M46.56M49.44M52.88M60.51M68.27M83.77M98.67M120.78M
Dividend Payout Ratio----------

Balance Sheet

Jun 2016Jun 2017Jun 2018Jun 2019Jun 2020Jun 2021Jun 2022Jun 2023Jun 2024Jun 2025
Total Current Assets+88.82M63.61M101.07M62.52M136.55M148.23M69.84M81.66M86.46M204.35M
Cash & Short-Term Investments21.86M45.76M37.76M50.43M129.33M136.88M60.03M70.92M62.56M161.16M
Cash Only21.86M45.76M37.76M50.43M129.33M136.88M60.03M70.92M62.56M161.16M
Short-Term Investments0000000000
Accounts Receivable715K1.29M46.28M1.74M1.32M4.59M4.4M7M20.95M14.87M
Days Sales Outstanding6.13195.51974.033815.01224.7157.39340.521.3K315.51
Inventory59.08M13.86M-43.74M-250K-252K-252K00022.25M
Days Inventory Outstanding724.49419.15-------1.58K
Other Current Assets59.08M38.04M542K421K412K451K413K398K397K393K
Total Non-Current Assets+595.2M592.08M591.37M589.59M597.05M596.49M592.3M587.76M582.69M580.33M
Property, Plant & Equipment3.06M1.81M1.08M826K10.27M12.14M9.96M6.49M3.84M5.82M
Fixed Asset Turnover13.89x1.33x16.00x20.24x3.13x0.61x1.02x1.16x1.54x2.95x
Goodwill134.45M134.45M134.45M134.45M134.45M134.45M134.45M134.45M134.45M134.45M
Intangible Assets453.37M451.9M450.15M448.67M447.15M446.09M444.2M442.73M441.28M437.37M
Long-Term Investments1.97M2M2.32M2.32M1.87M2.08M1.76M1.76M1.01M1.39M
Other Non-Current Assets2.34M1.92M3.36M3.32M3.31M1.72M1.68M481K2.1M1.3M
Total Assets+684.02M655.69M692.44M652.12M733.6M744.72M662.14M669.41M669.15M784.68M
Asset Turnover0.06x0.00x0.03x0.03x0.04x0.01x0.02x0.01x0.01x0.02x
Asset Growth %-0.33%-0.04%0.06%-0.06%0.12%0.02%-0.11%0.01%-0%0.17%
Total Current Liabilities+29.41M36.67M24M44.33M90.14M94.27M51.37M41.98M73.24M102.63M
Accounts Payable27.16M21.8M18.92M13.06M24.97M19.6M23.08M20.14M7.07M19.08M
Days Payables Outstanding333.02659.661.25K63.41111.8483.44132.51133.8862.831.36K
Short-Term Debt00014.01M32.45M53.2M5.02M5.95M13.86M54.16M
Deferred Revenue (Current)000-1000K-1000K-1000K1000K1000K00
Other Current Liabilities2.26M14.87M5.08M17.26M29.2M18.71M2.19M5.43M49.69M26.71M
Current Ratio3.02x1.73x4.21x1.41x1.51x1.57x1.36x1.95x1.18x1.99x
Quick Ratio1.01x1.36x6.03x1.42x1.52x1.57x1.36x1.95x1.18x1.77x
Cash Conversion Cycle397.61-45-------540.63
Total Non-Current Liabilities+126.44M102.25M122.43M126.73M94.13M69.05M113.72M125.59M115.56M84.61M
Long-Term Debt0059.4M67.28M57.02M41.05M91.62M102.81M100.48M67.74M
Capital Lease Obligations00006.32M8.48M7.08M3.67M1.95M3.58M
Deferred Tax Liabilities62.69M49.29M20.08M11.12M730K00000
Other Non-Current Liabilities63.75M52.96M63.03M59.45M30.79M19.52M15.02M19.11M13.12M13.29M
Total Liabilities155.86M138.92M146.44M171.06M184.28M163.32M165.1M167.58M188.8M187.24M
Total Debt+0059.4M81.29M99.31M105.5M106.91M116.5M118.92M128.16M
Net Debt-21.86M-45.76M21.63M30.86M-30.01M-31.39M46.87M45.58M56.36M-33M
Debt / Equity--0.11x0.17x0.18x0.18x0.22x0.23x0.25x0.21x
Debt / EBITDA----------
Net Debt / EBITDA----------
Interest Coverage---42.28x-6.85x-5.09x-10.18x-4.66x-3.56x-4.07x-2.72x
Total Equity+528.16M516.77M546.01M481.05M549.33M581.4M497.04M501.84M480.36M597.44M
Equity Growth %-0.13%-0.02%0.06%-0.12%0.14%0.06%-0.15%0.01%-0.04%0.24%
Book Value per Share9.829.6111.729.7310.399.617.285.984.874.95
Total Shareholders' Equity528.16M516.77M546.01M481.05M549.33M581.4M497.04M501.84M480.36M597.44M
Common Stock770.27M830.42M889.48M910.4M1.05B1.16B1.17B1.25B1.31B1.51B
Retained Earnings-268.09M-344.9M-380.19M-469.99M-548.76M-647.57M-738.92M-820.8M-908.76M-1.01B
Treasury Stock0000000000
Accumulated OCI25.98M31.24M36.72M40.64M46.63M65.81M70.65M73.52M78.3M99.5M
Minority Interest0000000000

Cash Flow

Jun 2016Jun 2017Jun 2018Jun 2019Jun 2020Jun 2021Jun 2022Jun 2023Jun 2024Jun 2025
Cash from Operations+-88M-95.47M-75.01M-57.79M-56.37M-106.68M-65.78M-63.27M-48.46M-49.95M
Operating CF Margin %-2.07%-39.58%-4.33%-3.46%-1.75%-14.31%-6.44%-8.43%-8.21%-2.9%
Operating CF Growth %0.28%-0.08%0.21%0.23%0.02%-0.89%0.38%0.04%0.23%-0.03%
Net Income-4.13M-76.81M-35.29M-89.8M-77.94M-98.81M-91.35M-81.89M-87.96M-102.14M
Depreciation & Amortization2.19M3.06M2.65M2.14M3.67M4.26M4.38M4.11M4.67M6.4M
Stock-Based Compensation3.39M5.28M6.2M4.37M7.52M12.51M5.54M3.65M5.87M22.09M
Deferred Taxes-86.69M-13.4M-30.66M-8.96M-9.41M-819K-235K-212K-191K330K
Other Non-Cash Items-2.61M168K-8.98M14.02M6.51M-15.41M11.02M13.54M31.78M26.41M
Working Capital Changes-144K-13.76M-8.93M20.44M13.29M-8.42M4.87M-2.47M-2.63M-3.04M
Change in Receivables-531K-859K-6.09M4.97M890K-1.74M140K-118K-15.47M6.29M
Change in Inventory000000000826K
Change in Payables0000000000
Cash from Investing+-1.73M142K-1.15M-1M-3.27M-1.65M-232K-194K-97K120K
Capital Expenditures-922K-311K-201K-279K-2.25M-1.65M-232K-314K-271K-680K
CapEx % of Revenue0.02%0.13%0.01%0.02%0.07%0.22%0.02%0.04%0.05%0.04%
Acquisitions----------
Investments----------
Other Investing-1M453K-952K-721K-1.03M0-75K120K-60K559K
Cash from Financing+62.07M60.01M68.61M71.61M137.04M114.47M-9.87M74.5M40.25M147.34M
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid0000000000
Share Repurchases----------
Other Financing-6.48M-1.93M-3.66M-2.22M-6.28M5.2M-3.75M-11.48M-11.63M-4.1M
Net Change in Cash----------
Free Cash Flow+-88.92M-95.78M-75.21M-58.07M-58.61M-108.33M-66.01M-63.58M-48.79M-50.68M
FCF Margin %-2.09%-39.71%-4.34%-3.47%-1.82%-14.53%-6.46%-8.48%-8.27%-2.95%
FCF Growth %0.29%-0.08%0.21%0.23%-0.01%-0.85%0.39%0.04%0.23%-0.04%
FCF per Share-1.65-1.78-1.62-1.17-1.11-1.79-0.97-0.76-0.49-0.42
FCF Conversion (FCF/Net Income)21.32x1.24x2.13x0.64x0.72x1.08x0.72x0.77x0.55x0.49x
Interest Paid0000000000
Taxes Paid0000000000

Key Ratios

Metric2016201720182019202020212022202320242025
Return on Equity (ROE)-0.73%-14.7%-6.64%-17.49%-15.13%-17.48%-16.94%-16.4%-17.91%-18.95%
Return on Invested Capital (ROIC)-7.7%-13.82%-11.17%-11.14%-10.89%-15.3%-11.05%-9.52%-11.64%-8.51%
Gross Margin30.05%-400.21%68.24%-349.55%-153.44%-1049.83%-522.58%-632.2%-595.87%70.17%
Net Margin-9.7%-3184.7%-203.51%-537.01%-242.38%-1325.25%-894.59%-1091.71%-1490.27%-593.92%
Debt / Equity--0.11x0.17x0.18x0.18x0.22x0.23x0.25x0.21x
Interest Coverage---42.28x-6.85x-5.09x-10.18x-4.66x-3.56x-4.07x-2.72x
FCF Conversion21.32x1.24x2.13x0.64x0.72x1.08x0.72x0.77x0.55x0.49x
Revenue Growth79.16%-94.33%618.95%-3.57%92.3%-76.81%36.95%-26.54%-21.32%191.39%

Revenue by Geography

2020
AUSTRALIA20M
AUSTRALIA Growth-

Frequently Asked Questions

Growth & Financials

Mesoblast Limited (MESO) reported $5.7M in revenue for fiscal year 2025. This represents a 85% decrease from $38.3M in 2012.

Mesoblast Limited (MESO) grew revenue by 191.4% over the past year. This is strong growth.

Mesoblast Limited (MESO) reported a net loss of $103.4M for fiscal year 2025.

Dividend & Returns

Mesoblast Limited (MESO) has a return on equity (ROE) of -19.0%. Negative ROE indicates the company is unprofitable.

Mesoblast Limited (MESO) had negative free cash flow of $21.1M in fiscal year 2025, likely due to heavy capital investments.

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